August 2018
Borrower Profile
SBA 504 Loan Helps Keys Residents and Visitors Get on the Move Again

The Florida Keys have been through much heartache over the last year and a half.  With the devastating effects of Hurricane Irma still lingering, life is slowly returning to normal.  Recreation is making its way back into daily life and The Trailer Shop is making sure that everything is rolling smoothly.

The Trailer Shop of Key Largo FloridaWhen Ismael Perera decided to acquire The Trailer Shop of Key Largo, a boat trailer sales and repair shop, he had much grander vision in mind.  While the expansion of the retail side of the operation from solely trailer parts to include common marine needs such as life vests and other fishing equipment seemed like a natural progression, Perera plans to add repair and servicing services for personal watercraft and other small engine repairs.  The shop also operates a very popular roadside assistance service to help get boaters back on the road as quickly as possible.

In order to make the acquisition and expansion feasible, Perera turned to the industry leading Small Business Administration (SBA) 504 Loan Program offered by Florida First Capital to finance the $1.4 million needed for the purchase of a 2,290 square-foot commercial building and planned improvements.

“We are happy to see the economy of the Keys rebounding and pleased that through the use of the SBA 504 Loan Program, Mr. Perera was able to obtain low-cost, low-down payment, fixed interest rate financing that maximizes working capital savings,”  said Alejandro Buitrago, Florida First Capital Vice President and Business Development Officer for the Miami-Dade Area.  “Once again, this case shows the potential benefits of the SBA 504 Loan Program to offer the most cost effective financing option available to small business owners.”

The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate, energy efficient “green” initiatives and/or heavy duty machinery and equipment.

504 loans are paired with private-sector commercial loans and provide up to $5 million of aggregate SBA eligibility on standard 504 projects; up to $5.5 million per 504 energy efficient green project not exceed $16.5 million in the aggregate; and up to $5.5 million per eligible small manufacturing project with no limit on total SBA dollars available.  These are SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.

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For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at  Phone: 850.681.3601 or toll-free at 800.504.LOAN.